California 2021-2022 Regular Session Status: Enacted 1 R cosponsors

AB 283 — Corporate securities: exemption from requirements.

Last action — Chaptered by Secretary of State - Chapter 512, Statutes of 2021.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced January 21, 2021. Enacted.

Prognosis

Likely to advance 72% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 R).

  • Cleared a recorded vote

    Passed 6 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Existing law, the Corporate Securities Law of 1968, provides for the regulation of the issuance of corporate securities, requires the qualification of an offer or sale of securities, and provides for exemptions from qualification with the Commissioner of Financial Protection and Innovation. Existing law exempts certain securities and transactions from provisions requiring qualification of the security and provides that certain securities and transactions are not subject to qualification. This exemption includes shares or memberships issued by a corporation organized pursuant to the Cooperative Corporation Law, if the aggregate investment of a shareholder or member in shares or memberships sold does not exceed $1,000. Existing law also specifies the circumstances in which this exemption does not apply, including, to shares or memberships if a promoter thereof expects or intends to make a profit from a business or activity associated with the corporation. This bill would expand the above exemption to also apply to any credits to a member's capital issued to a shareholder or member by any corporation organized pursuant to that law, if the aggregate investment in the corporation of that shareholder or member in shares, memberships, or credits to that member's capital sold pursuant to that provision does not exceed $1,000. The bill would specify that this $1,000 limitation does not apply to any shares, memberships, or credits allocated to a member's capital as all, or part of, any patronage distributions.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 512, Statutes of 2021.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 4 p.m.

  4. In Assembly. Ordered to Engrossing and Enrolling.

  5. Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 2236.).

  6. Read second time. Ordered to Consent Calendar.

  7. From committee: Be ordered to second reading file pursuant to Senate Rule 28.8 and ordered to Consent Calendar.

  8. In committee: Hearing postponed by committee.

  9. From committee: Do pass and re-refer to Com. on APPR with recommendation: To Consent Calendar. (Ayes 11. Noes 0.) (June 22). Re-referred to Com. on APPR.

  10. From committee: Do pass and re-refer to Com. on JUD. with recommendation: To Consent Calendar. (Ayes 9. Noes 0.) (June 9). Re-referred to Com. on JUD.

  11. Referred to Coms. on B. & F.I. and JUD.

  12. In Senate. Read first time. To Com. on RLS. for assignment.

  13. Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1334.)

  14. Read second time. Ordered to Consent Calendar.

  15. From committee: Do pass. To Consent Calendar. (Ayes 16. Noes 0.) (April 28).

  16. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 12. Noes 0.) (April 15). Re-referred to Com. on APPR.

  17. Referred to Com. on B. & F.

  18. From printer. May be heard in committee February 21.

  19. Read first time. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Consent Calendar AB283

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 12001
Unaffiliated 23000
Republican 4000
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Roth — Yea
Eggman — Yea
Wilk — Yea
Atkins — Yea
Kamlager — Yea
Nielsen — Yea
Portantino — Yea
Glazer — Yea
Borgeas — Yea
Dodd — Yea
Pan — Yea
Bradford — Yea
Leyva — Yea
Hertzberg — Yea
Hueso — Yea
Skinner — Yea
Melendez — Yea
Rubio — Yea
Newman — Yea
Bates — Yea
Gonzalez — Yea
Min — Yea
Wieckowski — Yea
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Becker, Josh Democratic Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Not Voting
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Ochoa Bogh, Rosilicie Republican Yea

Official roll call →

Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar

Passed 11 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 4000
Democratic 6000
Republican 1000
Total 11000
% of votes cast 100%0%0%0%
How each member voted (11)
Member Party Vote
Gonzalez — Yea
Wieckowski — Yea
Borgeas — Yea
Hertzberg — Yea
Caballero, Anna M. Democratic Yea
Durazo, Maria Elena Democratic Yea
Laird, John Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Jones, Brian W. Republican Yea

Official roll call →

Do pass, but first be re-referred to the Committee on [Judiciary] with the recommendation: To Consent Calendar

Passed 9 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 4000
Democratic 3000
Republican 2000
Total 9000
% of votes cast 100%0%0%0%
How each member voted (9)
Member Party Vote
Min — Yea
Bradford — Yea
Portantino — Yea
Hueso — Yea
Caballero, Anna M. Democratic Yea
Durazo, Maria Elena Democratic Yea
Limón, Monique Democratic Yea
Dahle, Megan Republican Yea
Ochoa Bogh, Rosilicie Republican Yea

Official roll call →

AB 283 Chen Consent Calendar Second Day

Passed 77 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 27000
Unaffiliated 40001
Republican 10000
Total 77001
% of votes cast 99%0%0%1%
How each member voted (78)
Member Party Vote
Bloom — Yea
Holden — Yea
Jones-Sawyer — Yea
Wood — Yea
Smith — Yea
Cunningham — Yea
Cooper — Yea
Voepel — Yea
Cooley — Yea
Maienschein — Yea
Rodriguez — Yea
Kiley — Yea
Nazarian — Yea
Ting — Yea
O'Donnell — Yea
Waldron — Yea
Medina — Yea
McCarty — Yea
Friedman — Yea
Bigelow — Yea
Chiu — Yea
Rendon — Yea
Villapudua — Yea
Salas — Yea
Quirk — Yea
Low — Yea
Levine — Yea
Daly — Yea
Gray — Yea
Burke — Yea
Mathis — Yea
Santiago — Yea
Mayes — Yea
Frazier — Yea
Chau — Yea
Mullin — Not Voting
Cristina Garcia — Yea
Eduardo Garcia — Yea
Lorena Gonzalez — Yea
Luz Rivas — Yea
Mark Stone — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Bennett, Steve Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Calderon, Lisa Democratic Yea
Carrillo, Juan Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Lee, Alex Democratic Yea
Muratsuchi, Al Democratic Yea
Nguyen, Stephanie Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Ward, Christopher M. Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea
Patterson, Joe Republican Yea
Seyarto, Kelly Republican Yea
Valladares, Suzette Martinez Republican Yea

Official roll call →

Do pass. To Consent Calendar.

Passed 16 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 8000
Democratic 6000
Republican 2000
Total 16000
% of votes cast 100%0%0%0%
How each member voted (16)
Member Party Vote
Levine — Yea
Bloom — Yea
Quirk — Yea
Nazarian — Yea
Bigelow — Yea
Chau — Yea
Eduardo Garcia — Yea
Lorena Gonzalez — Yea
Calderon, Lisa Democratic Yea
Carrillo, Juan Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Kalra, Ash Democratic Yea
Rivas, Robert Democratic Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Yea

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar

Passed 12 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 7000
Unaffiliated 3000
Republican 2000
Total 12000
% of votes cast 100%0%0%0%
How each member voted (12)
Member Party Vote
Burke — Yea
Cristina Garcia — Yea
Mark Stone — Yea
Bauer-Kahan, Rebecca Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Grayson, Timothy S. Democratic Yea
Nguyen, Stephanie Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does AB 283 do?
Existing law, the Corporate Securities Law of 1968, provides for the regulation of the issuance of corporate securities, requires the qualification of an offer or sale of securities, and provides for exemptions from qualification with the Commissioner of Financial Protection and Innovation. Existing law exempts certain securities and transactions from provisions requiring qualification of the security and provides that certain securities and transactions are not subject to qualification. This exemption includes shares or memberships issued by a corporation organized pursuant to the Cooperative Corporation Law, if the aggregate investment of a shareholder or member in shares or memberships sold does not exceed $1,000. Existing law also specifies the circumstances in which this exemption does not apply, including, to shares or memberships if a promoter thereof expects or intends to make a profit from a business or activity associated with the corporation. This bill would expand the above exemption to also apply to any credits to a member's capital issued to a shareholder or member by any corporation organized pursuant to that law, if the aggregate investment in the corporation of that shareholder or member in shares, memberships, or credits to that member's capital sold pursuant to that provision does not exceed $1,000. The bill would specify that this $1,000 limitation does not apply to any shares, memberships, or credits allocated to a member's capital as all, or part of, any patronage distributions.
Who sponsors AB 283?
AB 283 is sponsored by Chen, Phillip (Republican).
What is the current status of AB 283?
This bill has been enacted into law. Introduced January 21, 2021. Enacted.
Where can I track AB 283?
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